The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-21
The Virginia State Debt.
To tie People Of Virginia:

To the People Of Virginia:
At a meeting of Virginia BOndholders, CON
Vened by the Council of Foreign BOndhOlders,
and held on Friday, the oath of September.
1886, at the CannOn-Strect Hotel, London,
the following resolutions were passed unanl-
mOusly:
THAT this meeting depores the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, and, while
asserting its stcadiaSt determination not 10 ac-
cept the Riddlebergcr settlement. which. IN
view Of the admitted ability OF Virginia 10 set
tie with her creditors, and the sacrlices they
have already made ON her behaIl' IL cOnslucIs
dishonest and unjust, hereby expresses its
willingness to meet the Stateand entertain
reasonable compromise based upon the pres
ent taxation and the available revenue, after
providing for the Constitutional appropriation
for government. schools, and other public eX-
penditurc.n
The state had the benefit of the whole of the
money she originally borrowed S@OW,WO). IL
laid the foundation OF her roads, railways, ana
canals, and has brought millions OF dollars
into the country. Had you not constructor
these public works with the bOndholders'
money you would have to be taxed now Tor
them.
No State which borrowed money ever en-
jOyed the benefit of its loans more than Viz
GINA has done. See Senate Document AXlN.
Session, lS,7-1S.l
The present unsettled condition of the deb
is keeping capital and immigration out OF Writ
gnia, and as long as matters so continue you
will never develop the splendid resources OF
the State in the way they deserve.
The revenue Of Virginia is increasing. The
last assessment shows an increase of S55,OD,-
900 in taxable values. Your present revenue
might be largely increased II the taxes were
more carefully collected and the present as
sessments on property equalized throughout
the State
What might have been difficult TO do a few
years ago is easy now, and each year the bur
den will become lighter. When the debt ques-
IL
now holds alOOf, will flow into the state.
The settlement offered by the bondholders
proposes that the bonds now in existence bear
Ing tax receivable coupons should be deposited
in some trust company; that new bonds should
be issued in their place, bearing no tax recelv
able coupons. and at a low rate of interest.
When the State pays half-years interest ON
the new bonds, the tax receivable coupons for
that half-year shall be cut OF the old bonds by
the trust company, cancelled, and delivered to
the State Any increase on the present reve-
nue. will be appropriated by the state, and
the bOndhOlders will not have any claim on IL.
There was a cash balance last July in the
Treasury of S131 900, and the average purchase
of Riddleberger rs 10y the State has been at
the rate Of $4,000 per annum in cash. The
State has some millions of dollars of assets
which would help her in arranging settle
ment.
The bondholders are as deeply interested as
you are in maintaining the credit ana prosper
ity of your State. They ask for falr hearing
and a discussion of the question by business
men, and not by politicians, whose interest IL
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way of bringing about this settle
ment is for taxpayers 10 tender coupons in
payment of their taxes. In view OF the con
ciliatory spirit and liberal offer made by the
creditors / venture respectfully 10 submit 10
you that il is your moral duty, as well as your
legal right and privilege TO tender coupons for
taxes now due. JAMES L. COOfEh.
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